Do not invest more money than you can afford to lose.
Japan’s Financial Services Authority (FSA), which is also in charge of overseeing the cryptocurrency operators in the country, has warned the Macau-based company Blockchain Laboratories to stop soliciting Japanese clients, reports NHK World.
According to the regulator, the firm is not registered in Japan and is believed to be offering services, without the proper license. It appears that Blockchain Laboratories acts as an ICO agency, promoting different ICOs. The FSA notes, Blockchain Laboratories has set up a website in Japanese and was offering seminars and was actively trying to attract investors.
Despite the several warnings from the regulator, the company has not responded so far, and, according to Nikkei Asian Review, the FSA is intends to work with the police and the Consumer Affairs Agency to bring criminal charges.
The FSA also said it is looking into the activities of other unclicensed 15 cryptocurrency exchanges, suspecting them of wrongdoing.
Under law amendments that came into effect in 2017, the FSA is in charge of overseeing and regulating the companies offering cryptocurrency-related services and the exchanges, making Japan the first country to introduce such legislation. At this point, there are 16 registered cryptocurrency exchanges and 16 applicants.